CapMan Real Estate divests office building in Västberga, Stockholm

Capman

CapMan Real Estate has completed the sale of the office property Vreten 17 in Västberga, Stockholm, on behalf of CapMan Nordic Real Estate III Fund (CMNRE III). The buyer is Trifam Fastighets AB.

Vreten 17 comprises approximately 6,550 square metres of lettable area and is held under a leasehold tenure. The property is fully let to Avarn Security, which occupies the building as its headquarters under a long‑term lease. The asset is located in Västberga in south‑west Stockholm, benefiting from good transport connections and an established office micro‑location.

CapMan acquired Vreten 17 together with the neighbouring properties Vreten 25 and Vreten 8 as part of a portfolio transaction. Following the divestment, CapMan will continue to actively develop and create value in the remaining assets within the portfolio.

“We have successfully completed our business plan value‑creation initiatives for Vreten 17 and are pleased to hand over the property to Trifam for continued ownership and management. This transaction reaffirms our strong beliefs in the resilience of well-located office properties with solid underlying fundamentals,” says Marcus Lotzman, Head of Transactions Sweden at CapMan Real Estate.

“We are pleased to have acquired Vreten 17. The property is a strong strategic fit for Trifam’s portfolio, both geographically and in terms of asset profile”, says Niklas Gusting, CEO of Trifam.

CapMan was advised by Cushman & Wakefield as commercial adviser and Mannheimer Swartling as legal adviser in the transaction.

For more information, please contact:

Marcus Lotzman, Head of Transactions Sweden at CapMan Real Estate,
+46 706 806 081,
marcus.lotzman@capman.com

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

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KKR Announces Sale of Danish Residential Portfolio to Pears Global Real Estate Denmark

KKR

Copenhagen, 11 May 2026 – KKR, a leading global investment firm, and Fokus Nordic, a local asset manager and minority owner, today announced the sale of a portfolio of Danish residential units in Central and Greater Copenhagen to Pears Global Real Estate Denmark, a leading international real estate investment advisor. The details of the transaction were not disclosed.

The portfolio comprises 213 residential units located across attractive submarkets within Copenhagen and its catchment area, municipalities that are home to approximately 15% of Denmark’s population and with connectivity to the city centre. KKR acquired the portfolio in 2021 through KKR Real Estate Partners Europe II (“REPE II”), a fund dedicated to value-add and opportunistic real estate investments in Western Europe.

The transaction reflects KKR’s disciplined approach to portfolio management and value creation in the Nordic residential sector. KKR’s European real estate strategy has established a significant presence across the Nordic region, with recent investments spanning Denmark, Finland, and Sweden across sectors including residential, student accommodation, and logistics.

Alexander Thams, Director and Head of Nordics Real Estate for KKR said: “We are pleased to have completed this transaction with Pears Global Real Estate. We remain firmly committed to the Nordic real estate sector and continue to view the region as a key growth market with attractive structural characteristics. Denmark’s residential market continues to demonstrate resilience and we look forward to pursuing further opportunities in the Danish market and beyond in the coming years as we continue to build our presence in this important region.”

Emil Holmboe Christiansen, Investment Executive at Pears Global Real Estate Denmark, commented: “First and foremost, we would like to thank the seller for a constructive dialogue throughout the process. We have followed the portfolio with great interest for some time and are very pleased to have successfully completed the acquisition. The investment naturally aligns with our existing Danish activities and supports our ambition of maintaining a long-term presence in the Danish market. The collaboration between our Finance, Asset Management and Investment teams was instrumental to the success of the deal, and I would like to extend my thanks to them.”

In connection with the transaction, Accura and EY acted as advisors to Pears Global Real Estate Denmark. KKR and Fokus were advised by CBRE and Gorrissen Federspiel.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investmentClassification: Limited returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.

Media Contact
KKR

Brunswick Group
KKR-comms-Nordics@brunswickgroup.com

Pears Global Real Estate Denmark
Emil Holmboe Christiansen
Emil.christiansen@pearsglobal.dk
+45 4076 3000

 

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Blackstone Real Estate Debt Strategies Launches Homebuilder Lending Platform

Blackstone

Expects to Support Construction of over 50,000 New Homes Annually

New York – May 11, 2026 – Blackstone (NYSE: BX) today announced that Blackstone Real Estate Debt Strategies (“BREDS”) has launched a lending platform that will provide much needed capital and flexibility to homebuilders, and expects to enable the construction of over 50,000 for-sale homes across the United States annually.

This lending platform is supported by BREDS portfolio company, Brio Homebuilder Solutions, as well as partnerships with third parties. This commitment comes at a time when the U.S. is facing a critical housing shortage. Fewer homes are being built today than in 1960, despite the U.S. population nearly doubling.

Tim Johnson, Global Head of Blackstone Real Estate Debt Strategies, said: “America needs more homes, and we are proud to be part of the solution. Our homebuilder lending platform will help deliver thousands of new homes across the United States, directly addressing the critical housing supply gap in communities where people want to live.”

This platform builds on Blackstone Real Estate’s longstanding commitment to providing high-quality, affordable housing. Tricon Residential, a Blackstone Real Estate portfolio company, has developed or is developing ~64,000 single-family homes and home sites. Blackstone Real Estate’s affordable housing portfolio company, April Housing, is on track to be the largest preserver of affordable housing in 2026. Together with Blackstone, April Housing has already preserved the affordability of over 3,000 apartments and invested over $300 million to improve its communities through its newly launched resyndication program.

About Blackstone Real Estate Debt Strategies
Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative asset manager of real estate credit with $78 billion of investor capital under management. Serving institutional, insurance, and individual investors, BREDS originates loans and makes debt investments across global private and public real estate credit markets and across the capital structure and risk spectrum. BREDS also manages Blackstone Mortgage Trust (NYSE: BXMT), a publicly-traded commercial mortgage REIT, and is a fully integrated part of the Blackstone Real Estate platform, the largest owner of commercial real estate globally.

Contacts

Blackstone
Claire Keyte
Claire.Keyte@Blackstone.com

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Vertical Bridge Announces $1.5 billion Strategic Equity Investment from KKR

KKR

DELRAY BEACH, Fla. & NEW YORK–(BUSINESS WIRE)– Vertical Bridge REIT, LLC (“Vertical Bridge” or the “Company”), the largest private owner and operator of communications infrastructure in the United States, and leading global investment firm KKR today announced that KKR will make a $1.5 billion equity investment in the Company to support its future growth.

The addition of KKR as a new investor establishes a fully funded, long‑term capital structure that supports Vertical Bridge’s strategic plan and reinforces the Company’s position as a permanent owner and operator of a nationwide portfolio of more than 17,000 towers.

“This transaction provides us with the resources to continue developing our portfolio at scale while maintaining our disciplined, returns-focused approach to capital deployment,” said Ron Bizick, President and CEO of Vertical Bridge. “We are pleased to have KKR as an experienced, long‑term investor as we expand our platform, advance organic development, and selectively pursue M&A opportunities that strengthen our portfolio, while continuing to deliver the agile, customer‑focused approach that defines Vertical Bridge.”

“The convergence of 5G densification, edge compute, and surging data demand is creating a structural need for more and better located wireless infrastructure,” said Waldemar Szlezak, Global Head of Digital Infrastructure at KKR. “Vertical Bridge has built a scaled, high-quality tower platform with a strong track record of execution and a differentiated, partnership-oriented approach, all underpinned by a best-in-class management team. This investment builds upon KKR’s foundation as a leading investor in mission-critical digital infrastructure, and we look forward to supporting the company’s next phase of growth.”

To date, KKR has invested more than $40 billion in equity in digital infrastructure globally. This investment builds on KKR’s existing tower portfolio including Vantage Towers in Europe and Pinnacle Towers in the Philippines, and on past investments such as Telxius and Hivory Towers. KKR is funding its investment primarily through its core infrastructure strategy.

Vertical Bridge’s existing sponsors, DigitalBridge and La Caisse, also participated in the equity investment and remain committed long‑term partners to the Company.

“DigitalBridge is proud to continue supporting Vertical Bridge alongside our long‑standing investment partner La Caisse and now KKR,” said Marc Ganzi, CEO of DigitalBridge. “Vertical Bridge’s disciplined growth strategy, operational excellence, and focus on partnership have consistently positioned the company to meet increasing demand for communications infrastructure. We remain confident in the platform and committed to supporting the team as they continue to scale.”

“Vertical Bridge has experienced phenomenal growth these last few years both organically and through acquisitions, reaching a high level of scale and operating maturity,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse. “Since our initial investment alongside DigitalBridge, the company has consistently executed through market cycles, and the addition of a strategic partner like KKR reinforces a capital base built for the long term and aligned with the needs of critical connectivity infrastructure.”

Advisors and Financial Sponsors

Centerview Partners LLC served as exclusive financial advisor to Vertical Bridge, and Simpson Thacher & Bartlett LLP served as Vertical Bridge’s legal advisor. Barclays and Houlihan Lokey served as financial advisors to KKR, and Kirkland & Ellis LLP served as KKR’s legal advisor.

About Vertical Bridge

Vertical Bridge REIT, LLC, is the largest private owner and operator of wireless communications infrastructure in the United States and has a nationwide portfolio of over 17,000 towers. The company provides build-to-suit and colocation solutions to the telecommunications industry.

In 2020, Vertical Bridge became the first tower company in the world to achieve the CarbonNeutral® company certified status and has been recertified every year since. For more information, please visit www.verticalbridge.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets, and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About DigitalBridge

DigitalBridge (NYSE: DBRG) is a leading global alternative asset manager dedicated to investing in digital infrastructure. With a heritage of more than 30 years investing in and operating businesses across the digital ecosystem, including cell towers, data centers, fiber, small cells, and edge infrastructure, DigitalBridge manages infrastructure assets on behalf of its limited partners and shareholders. The firm is headquartered in Boca Raton, Florida, with offices across North America, Europe, the Middle East, and Asia. For more information, visit www.digitalbridge.com.

About La Caisse

At La Caisse, formerly CDPQ, we have been investing for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate, and private credit. As at December 31, 2025, La Caisse’s net assets totaled CA$517 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of La Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

Media:
Vertical Bridge REIT, LLC
JSA
1-866-695-3629
jsa_vb@jsa.net

KKR
Liidia Liuksila
Media@KKR.com

DigitalBridge
Joele Frank, Wilkinson Brimmer Katcher
1-212-355-4449
dbrg-jf@joelefrank.com

La Caisse
Conrad Harrington
1-514-847-5493
charrington@lacaisse.com

Source: KKR

 

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Bain Capital Announces Sale of Newmarket Yards Residential Development in Dublin

BainCapital

DUBLIN – April 22, 2026 – Bain Capital, a leading global private investment firm, today announced the sale of Newmarket Yards, a fully leased residential development located in Dublin’s city center.

Completed in 2024, Newmarket Yards comprises 413 PRS apartments alongside a 151 key hotel which was pre-leased to Whitbread plc (t/a Premier Inn) and sold in 2023, ground-floor commercial space and a wide range of shared amenities, located in one of Dublin’s most dynamic and supply-constrained neighborhoods.

The transaction follows a multi-year investment during which Bain Capital, in partnership with Carrowmore Property, delivered a high-quality residential scheme designed to meet evolving tenant expectations for modern urban living. The project progressed from development through lease-up, reaching full occupancy in a relatively short period following completion, supported by strong demand for centrally located rental housing.

Situated within walking distance of Dublin’s central business district and key cultural landmarks, Newmarket Yards benefits from strong connectivity and access to major employment hubs. The development includes extensive amenities such as co-working spaces, wellness facilities, rooftop terraces, and community areas designed to support a range of lifestyles.

A central focus of the development was sustainability and long-term performance. The building achieved BREEAM “Excellent” certification and an A-rated energy standard, incorporating energy-efficient systems, low-carbon construction materials, and design features aimed at reducing operational impact while enhancing resident experience.

“This transaction highlights our ability to deliver large-scale residential developments through close partnership and disciplined execution,” said David Cullen, a Partner at Bain Capital. “Newmarket Yards reflects a focus on quality, sustainability, and design, alongside a strong understanding of local demand.”

“Newmarket Yards demonstrates the strength of our residential platform in Europe,” said John Kane, an Executive Vice President in Bain Capital’s Portfolio Group. “From initial development through leasing and delivery, this project reflects a hands-on approach to creating high-quality assets that are built to perform over the long term.”

The investment forms part of Bain Capital’s Europe Real Estate strategy, which focuses on developing and repositioning assets across living, logistics, hospitality, and digital infrastructure sectors in markets where demand remains strong and supply is constrained.

Financial terms of the transaction were not disclosed.

ENDS

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

 Jason Lobo

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Bain Capital Announces Sale of Severo 246 in Rome Following Full Repositioning

BainCapital

LONDON and ROME — April 20, 2026 – Bain Capital, a leading global private investment firm, today announced the sale of Severo 246, a fully repositioned office building located on Via Cristoforo Colombo in Rome.

The transaction marks the successful execution of a multi-year asset transformation strategy, under which Bain Capital repositioned a legacy single-tenant office into a modern, high-quality workspace aligned with current occupier demand. Severo 246 comprises approximately 12,000 sqm of office space in the Greater EUR district, a well-established business area in the capital.

Following the departure of the incumbent tenant, the firm undertook a comprehensive refurbishment and leasing programme, including the redevelopment of internal layouts, upgrades to common areas, and the introduction of modern amenities. The building was subsequently fully pre-leased ahead of completion and delivered to a new occupier in 2025.

Severo 246 is located on Via Cristoforo Colombo, a major arterial route equidistant from Rome’s city centre and the EUR office district, and benefits from strong connectivity and proximity to a range of corporate occupiers.
“This transaction reflects our ability to identify underutilised assets and reposition them through hands-on execution,” said David Cullen, a Partner on Bain Capital’s Europe Real Estate team. “We acquired a single-tenant building with leasing risk and transformed it into a modern, fully leased asset aligned with tenant demand. It is a strong example of how we create value through disciplined asset management and local execution.”

“Severo 246 is representative of our broader approach in Europe, where we focus on situations that require operational expertise and capital investment to unlock value,” said Javier Ortigosa, an Operating Partner at Bain Capital. “From refurbishment through leasing and delivery, this was a full-cycle investment that demonstrates the strength of our platform.”

The investment formed part of Bain Capital’s Europe Real Estate strategy, which focuses on repositioning and developing high-quality assets across living, logistics, hospitality and office sectors in supply-constrained markets.

Financial terms of the transaction were not disclosed.
Advisors

JLL and Cushman & Wakefield act as sell side advisors to Savills Investment Management SGR and Bain Capital. Gatti Pavessi Bianchi Ludovici provided legal counsel on the transaction.

ENDS

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

 

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Bain Capital and Evergreen Medical Properties Acquire Portfolio of Six Medical Outpatient Facilities in Atlanta Metropolitan Area

BainCapital

ATLANTA and BOSTON – April 9, 2026 – Bain Capital’s Real Estate team (“Bain Capital”) and Evergreen Medical Properties (“Evergreen”) today announced the acquisition of a medical outpatient building portfolio consisting of six assets totaling approximately 665,000 square feet in the Atlanta metropolitan area.  The private, off-market purchase was completed via a partnership between Bain Capital and Evergreen that focuses on acquiring, renovating, and operating mission-critical medical outpatient buildings.

The Class-A medical outpatient buildings are anchored by Northside Hospital, a leading, award-winning healthcare provider operating five acute-care hospitals and nearly 500 outpatient facilities across 25 counties in the Atlanta MSA. Northside leads the U.S. in newborn deliveries and is among Georgia’s top providers of cancer care, sports medicine, cardiovascular and surgical services. The portfolio is 93% leased and features other dynamic tenants spanning diverse specialties and high-acuity services.  The assets are located in “Pill Hill” and Alpharetta, two high-demand, affluent Atlanta submarkets.

“We’re pleased to expand our presence in Atlanta, a high-conviction market, as well as our relationship with Northside Hospital as we execute a value creation plan alongside the Evergreen team that enhances the facilities’ ability to better serve patients across the Atlanta area,” said Lukas Gregg, a Managing Director at Bain Capital.  “This transaction is an attractive opportunity to acquire a high-quality portfolio of mission-critical assets supported by strong market dynamics and we are grateful to be the new stewards of it.”

“We’re ecstatic Northside chose to expand our relationship with some of the health system’s most strategically important medical outpatient buildings,” said Joshua Richmond, President of Evergreen Medical Properties. “We look forward to working closely with Northside as we build upon Evergreen’s strong track record of aligning capital and healthcare partners through the stewardship of mission-critical real estate.”

The acquisition of these buildings follows the partnership’s recent purchase of a two-asset portfolio in Lawrenceville, GA, also anchored by Northside Hospital.  Bain Capital and Evergreen have curated a portfolio of institutional quality medical outpatient buildings in select markets throughout the U.S. and are actively seeking to grow its 2M square foot footprint.

Northside was advised by Realty Trust Group, a national healthcare advisory firm.

###

About Bain Capital Real Estate
Bain Capital Real Estate pursues investments in often difficult-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has invested and committed over $10.7 billion of equity across multiple sectors as of September 30, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms, with approximately $219 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About Evergreen Medical Properties  
Evergreen Medical Properties, with offices in both Denver and Atlanta, is a full-service real estate operating company that invests, leases and manages healthcare facilities across the United States. Evergreen uses a collaborative approach to invest in strategic healthcare real estate in order to align interests and build genuine relationships with health systems and providers.  Evergreen seeks to unlock capital, enhance the operating flexibility of its partners and create durable, long-term value in each of its healthcare real estate investments.

About Northside Hospital
The Northside Hospital healthcare system is one of Georgia’s leading healthcare providers with five acute-care hospitals in Atlanta, Canton, Cumming, Duluth, and Lawrenceville and nearly 500 outpatient locations across the state. Northside Hospital leads the U.S. in newborn deliveries and is among the state’s top providers of cancer care, sports medicine, cardiovascular, and surgical services. For more information, visit: www.Northside.com.

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Realty Income and Apollo to Establish Strategic Partnership

Apollo logo
Funding Arrangement Will Advance Realty Income’s Private Capital Initiative with Leading Asset Manager
Initial Apollo Investment of $1.0 Billion for 49% Equity Interest in Portfolio of Existing U.S. Realty Income Retail Assets
Cost-Efficient Long-Term Equity with 100% Permanent Equity Treatment by Rating Agencies

SAN DIEGO, CALIFORNIA, and NEW YORK, NEW YORK, March 19, 2026 – Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, and Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates intend to provide a $1.0 billion investment to Realty Income to acquire a 49% interest in a new joint venture entity that is expected to own a diversified portfolio of single-tenant retail properties subject to long-term net leases. Realty Income will continue to manage the portfolio, which includes approximately 500 retail assets that benefit from stable, contractual cash flows and are supported by Realty Income’s operating platform and long-standing asset management expertise.

“We are pleased to announce Apollo’s targeted equity investment in a highly diversified, income-producing portfolio. As real estate partner to the world’s leading companies®, we expect this partnership will serve as a template for a multi-billion-dollar, programmatic co-investing relationship in the U.S. Our size, scale, and longstanding commitment to providing dependable monthly dividends to investors make this a natural fit with Apollo’s insurance capital. Realty Income has demonstrated the ability to attract scaled commitments from partners looking to invest in our operating platform, and this new joint venture will further expand our access to efficient sources of private funding from one of the world’s leading financial institutions,” said Sumit Roy, Realty Income’s President and Chief Executive Officer.

Apollo Partner Jamshid Ehsani said, “This transaction represents a landmark deal in the public REIT space. We believe the combination of Apollo’s long-term capital with Realty Income’s large, growing and diversified portfolio of high-quality net lease assets creates a highly complementary partnership. This partnership with Realty Income represents a programmatic framework for long-term alignment and repeatable capital deployment over time.”

The joint venture represents a cornerstone component of Realty Income’s private capital initiative, which is designed to diversify the Company’s sources of capital and complement its access to the public equity markets. Realty Income expects the long-term partnership with Apollo to provide a scalable source of equity to support investment activity in long-duration, stabilized assets, while maintaining balance sheet strength and financial flexibility.

Realty Income CFO Jonathan Pong said, “This structured equity funding arrangement with Apollo is expected to unlock a source of meaningful savings relative to our long-term cost of public equity capital. Further, the cost of future tranches of this capital is expected to flex commensurate with long-term interest rates and will be priced independent of public markets, supporting a more stable source of equity. We are pleased that this structure has received permanent equity treatment by both Moody’s and S&P.”

Apollo Partner Joseph Jackson commented, “Realty Income is a leading global net lease real estate player with a long track record of disciplined growth and portfolio performance. Apollo’s intention to make a substantial upfront and anticipated follow-on investments into Realty Income’s high-quality assets demonstrates our ability to deliver differentiated capital solutions tailored to our partner’s objectives.”

Since 2020, Apollo has originated over $100 billion of bespoke capital solutions for leading companies such as Intel, Keurig Dr Pepper, Air France-KLM, BP, Sony, AB InBev, Vonovia and more.

The transaction is expected to close on March 31, 2026, subject to finalization and execution of the documentation, and customary closing conditions.

Goldman Sachs & Co. LLC acted as exclusive structuring agent and financial advisor to Realty Income, and Wells Fargo Securities served as financial advisor to Apollo.

Transaction Highlights

Under the terms of the transaction, Realty Income is expected to receive $1.0 billion of gross proceeds in exchange for Apollo’s acquisition of a 49% interest in a joint venture that indirectly owns a diversified net lease portfolio comprised entirely of single-tenant retail properties. Realty Income will manage the properties under a long-term management agreement.

Realty Income will retain the right to exercise a call option to redeem Apollo’s equity interest after year 7 and through year 15 of the joint venture, with the future call price calculated to ensure a capped IRR of 6.875% to Apollo during its ownership period.

Key portfolio metrics of the anticipated portfolio, as of December 31, 2025, are as follows:

  • Number of U.S. retail properties: ~500
  • Cash annualized base rent: $140 million
  • Weighted average remaining lease term: 9.1 years
  • Investment grade exposure (as percentage of total portfolio base rent): 28%
  • Compound annual contractual growth rate: 1.0%
  • Top five industries: Dollar Stores (9.9%), Quick Service Restaurants (8.3%), Drug Stores (7.9%), Grocery (7.7%), Health & Fitness (7.5%)

Portfolio metrics are subject to finalization and may change based on the final composition of the portfolio.

Realty Income has published an investor presentation providing additional information on this transaction, which can be found at www.realtyincome.com/investors/investor-presentation.

About Realty Income

Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world’s leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as “The Monthly Dividend Company®” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 669 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2025, Apollo had approximately $938 billion of assets under management. To learn more, please visit www.apollo.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plans,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of the joint venture with Apollo, including the execution and completion thereof, our ability to exercise the call right to redeem Apollo’s equity interest in the joint venture and the call price payable therefor, entry into subsequent joint ventures on a programmatic basis, our business and portfolio including management thereof, and the intentions of management and dividends, including the amount, timing and payment of dividends related thereto. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our ability to execute and close the joint venture on the anticipated terms, or at all, our and the joint venture’s financial performance; our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in the real estate business including our clients’ solvency, client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships, and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Contacts

For Realty Income:
Jonathan Pong
Executive Vice President, CFO and Treasurer
+1 858 284 5177
jpong@realtyincome.com

For Apollo:
Noah Gunn
Global Head of Investor Relations
+1 (212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
+1 (212) 822-0491
Communications@apollo.com

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TheGuarantors Announce Growth Investment from Warburg Pincus

Warburg Pincus logo

New York, NY – March 18th, 2026 — TheGuarantors, the leader in residential lease guarantee solutions and AI-powered underwriting for the rental housing market, today announced a majority investment from Warburg Pincus, the pioneer of global growth investing. The investment will allow the company to scale, broaden access to housing for millions of renters, and continue building a market‑leading platform with long‑term impact across the U.S. rental ecosystem.

TheGuarantors will continue to operate under its existing leadership team and is excited to partner with Warburg Pincus on its next chapter as it looks to further accelerate platform expansion, advance data and AI capabilities, and deepen partnerships with property owners and managers nationwide.

TheGuarantors has pioneered lease guarantee solutions that enable renters to qualify for homes while protecting property owners against default risk. Today, the platform supports a footprint of over 3.5 million rental units across many of the largest institutional property management companies in the United States and has protected more than $6 billion in lease value. The company’s products are supported by a panel of premier carriers and reinsurers, enabling scalable and resilient insurance capacity. Through its proprietary automated underwriting engine, TheGuarantors leverages advanced machine learning, cash-flow analytics, and alternative data to render real-time risk decisions in under 10 seconds, delivering scalable coverage infrastructure embedded directly into leasing workflows.

The investment comes at a time of growing complexity across the multifamily housing sector. Renters are facing heightened financial pressure driven by affordability constraints, elevated costs of living, and tighter income and credit conditions, making qualification increasingly difficult despite strong demand for rental housing, with over 20% of renter households not qualifying on the first attempt. At the same time, property owners and operators are navigating rising operating expenses, insurance costs, and capital market headwinds that are placing pressure on net operating income. In this environment, solutions that expand renter accessibility while protecting asset performance and cash flow have become increasingly critical infrastructure for the industry.

Julien Bonneville, Founder and Chief Executive Officer of TheGuarantors, said:

“This investment represents a defining moment for TheGuarantors. From day one, our vision has been to build the risk infrastructure layer for residential renting, removing friction from the leasing process while expanding access for millions of renters, empowering them to qualify for the home they want. Warburg Pincus brings deep experience scaling fintech and insurance platforms globally. With their partnership, we will accelerate innovation in AI underwriting, expand our platform capabilities, and continue delivering best-in-class outcomes for both renters and property managers and owners.”

Jeff Stein, Managing Director, Head of U.S. Financial Services at Warburg Pincus, said:

“TheGuarantors has built the category-defining platform in residential lease guarantees. The company’s combination of proprietary data, AI-driven underwriting, and deep integrations with leading property managers creates a powerful value proposition for both tenants and landlords. We see substantial opportunity to scale the platform further as institutional ownership of rental housing grows and demand rises for smarter, technology-enabled risk solutions. We are excited to partner with Julien, Leo, and the entire management team as they accelerate growth and expand the company’s impact across the U.S. rental ecosystem.”

The transaction is expected to close by the end of the second quarter of 2026, subject to regulatory approvals and other customary closing conditions.

Evercore acted as financial advisor to TheGuarantors. Cooley LLP acted as legal advisor to TheGuarantors. Howden Capital Markets & Advisory LLC served as financial advisor to Warburg Pincus. Wachtell, Lipton, Rosen & Katz served as legal advisor to Warburg Pincus. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to Warburg Pincus. Greenberg Traurig, LLP served as insurance counsel to Warburg Pincus.

About TheGuarantors
TheGuarantors is the leading residential lease guarantee platform, helping renters qualify for homes while protecting property owners against financial risk. Through proprietary AI underwriting, insurance-backed coverage solutions, and deep integrations with property management systems, TheGuarantors enables faster leasing, higher approval rates, and reduced bad debt exposure. The platform supports approximately 3.5 million units across the nation’s largest institutional property managers and has protected more than $6 billion in lease value nationwide.

About Warburg Pincus
Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Over the past five decades, Warburg Pincus has been a leader in investing in financial services companies, deploying nearly $27 billion in over 160 companies across market cycles and remains highly active in today’s dynamic environment. The firm is an active investor in insurance and fintech, with past and current investments including Arch Capital, Avalara, Avaloq, Clearwater, Fetch Pet Insurance, Foundation Risk Partners, IntraFi, K2 Insurance Services, Keystone Agency Partners, McGill & Partners, ParetoHealth, and RenaissanceRe, amongst others.

Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Contact

Sarah Bloom, Director, Communications, Warburg Pincus

Sarah.bloom@warburgpincus.com

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CapMan Real Estate acquires two major residential development projects in Stockholm

Capman

CapMan Real Estate has signed an agreement with leading residential developer Reliwe to forward fund two multifamily development projects in Barkarby and Flemingsberg, Stockholm.

The two projects comprise a total of 478 apartments, 10 commercial units and 154 parking spaces. The sites have been selected for their strong micro-locations and excellent access to public transport infrastructure, providing residents with convenient commuting options and excellent local amenities. Both properties are located within 25 minutes from the Stockholm city center by public transport.

The projects target high sustainability standards including EU Taxonomy alignment. Sustainability features will include solar panels, charging stations for electric vehicles, and access to shared car and bicycle pools.

Closing of the transaction is expected in March 2026, with construction scheduled to commence shortly thereafter. Construction of the Barkarby project will be carried out by Consto, with final completion expected in Q4 2028. The Flemingsberg project will be constructed by Hanssons Hus Entreprenad, with final completion anticipated in Q2 2028.

CapMan Real Estate has significantly expanded its Swedish residential footprint in recent years, building a portfolio of approximately 2,000 multifamily apartments in the Stockholm region, comprising both completed properties and ongoing developments. Residential remains a core strategic focus for CapMan Real Estate.

CapMan Real Estate manages approximately €5.5 billion in real estate assets, with a team of over 90 professionals based in Helsinki, Stockholm, Copenhagen, Oslo and London.

For further information, please contact:

Magnus Berglund, Partner and Head of Sweden and Norway, +46 70 786 68 08

Pontus Danielsson, Investment Manager, +46 70 385 58 00

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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